Global Hybrid Air Conditioner Market 2019-2023 | Introduction of Smart Hybrid Air Conditioners to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--May 22, 2019--
The global hybrid air conditioner market is expected to post a CAGR of over 9% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has published a new market research report on the global hybrid air conditioner market from 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the higher efficiency of these products when compared to conventional air conditioners. The global air conditioner market comprises of two types of air conditioners, namely hybrid and conventional. Hybrid air conditioners operate using renewable sources of energy, whereas the latter uses non-renewable sources of energy. Hybrid air conditioners mainly operate on solar energy but also use back-up power from solar or even alternating current (AC) in extreme cases. In addition, vendors are also offering hybrid air conditioners that are highly efficient in terms of operation and energy consumption where it provides extreme cooling, even with energy consumption equivalent to lighting an ordinary bulb. Therefore, owing to the increased efficiency and benefits of hybrid air conditioners, they are increasingly preferred over conventional air conditioners.
As per Technavio, the introduction of smart hybrid air conditioners will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global hybrid air conditioner market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global hybrid air conditioner market: Introduction of smart hybrid air conditioners
The growing demand for household appliances and innovative products will increase growth opportunities for vendors of smart hybrid air conditioners. These smart hybrid/solar air conditioners are user-friendly, energy star certified and are aesthetically appealing. The improved features and advances in technology provide users with efficient cooling and air purification solutions. Thus, such advantages are expected to fuel the growth of the hybrid/solar air conditioner market during the forecast period.
“Hybrid air conditioners offer multiple features apart from cooling that includes air purification. Air purification is very crucial these days due to the rising level of outdoor as well as indoor pollution. With the introduction of advanced hybrid air conditioners, home cooling has become easier, faster, and more convenient. These features and the underlying technology is expected to propel the demand for hybrid air conditioners during the forecast period,” says a senior analyst at Technavio.
Global hybrid air conditioner market: Segmentation analysis
This market research report segments the global hybrid air conditioner market by product (hybrid solar air conditioner, and solar air conditioner) and geographical regions (APAC, North America, Europe, MEA and South America).
The APAC region led the market in 2018, followed by North America, Europe, MEA and South America respectively. However, during the forecast period, the North American region is expected to register the highest incremental growth due to several factors such as the increased demand for indoor cooling equipment, increased awareness among consumers regarding the use of clean energy, and government initiatives to promote solar energy.
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Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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